Bitcoin price under the negative pressure – Analysis - 11-07-2019

Bitcoin price traded with strong negativity yesterday to break 12261.60 level and settles below it now, followed by more decline to break the bullish channel’s support line that appears on the chart, which turns the intraday and short term track to decline, expecting to test 11342.10 level initially.

Therefore, the bearish bias will be suggested for today, and breaking the targeted level will extend the bearish wave to reach 10600.00 as a next main station, while the expected decline will remain valid unless the price rallied to breach 12261.60 level and hold above it again.

The expected trading range for today is between 11000.00 support and 12200.00 resistance

The expected trend for today: Bearish